Comment by sagarm
2 hours ago
All that to say you agree with the GP: homeowners, as a class, are wealthier than renters. How owner occupiers choose to spend their wealth has nothing to do with the fact they have it.
2 hours ago
All that to say you agree with the GP: homeowners, as a class, are wealthier than renters. How owner occupiers choose to spend their wealth has nothing to do with the fact they have it.
Well, "paper rich" is dicey. It means that you may have the burdens of money, but few of the advantages (like actually being able to spend it).
Farmers, for example, are often multimillionaires "on paper," but don't have a pot to piss in.
They could choose a different lifestyle, but they value the one they have. That's fine, but that doesn't mean I'm obligated to subsidize their preferences.
Owner-occupiers can and do refinance to turn their wealth into cash. It's routine.
> they value the one they have
So do you. I assume that you like to eat? Farmers are how that happens.
> refinance
Are you familiar with the downsides of refinancing?
They can sell at their convenience and have their wealth liquid. Then they are in the exact same situation as renters, except that they have a big pile of money to boot.
Same thing for farmers.